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Gold benefitted from a slight increase this week as its prices per ounce increased from $1,803 last Friday to $1,823 at the time of writing, representing a 1.10% gain. This marks 2 weeks of upward movement for the yellow bullion as it gains a total of 3.82% since the start of July. This week, the precious metal experienced a high of $1,834/oz and a low of $1,792/oz. Gold prices started dropping on the 1st of June where they dipped as much as -8.55% that month. Since the July recovery, Gold remains -4.90% down.
GOLD FUTURES (3 MONTHS)
Source: Tradingview; COMEX
Silver is up very slightly this week presenting gains of 0.69% as it saw its prices increase from $25.99/oz 7 days ago to $26.15/oz today. This week, the white metal experienced a high of $26.55/oz and a low of $25.86/oz. Silver prices have not benefitted from the same recovery as Gold; since the start of July, silver prices are down -0.15% and down -7.43% since the start of the downtrend on the 1st of June.
Platinum, on the contrary, experienced substantial gains this week as it demonstrates an increase in its price of 5.49% from its last Friday price of $1,073/oz to $1,132/oz at the time of writing. This is the highest price for the industrial metal in 4 weeks. Despite these major gains, the metal remains down a significant -11.56% from its peak price of $1,280/oz mid may. This week, the metal experienced a high of $1,144/oz and a low of $1,066/oz.
Palladium suffered a very different fate from its similar counterpart platinum. The metal, used to reduce vehicle emissions, saw its value drop -3.25% as its prices went from $2,801/oz to $2,710/oz in the span of 7 days. The metal saw a high of $2,865/oz and a low of $2,699/oz.
Rhodium continues its weekly decent recording another decline of -2.05%, seeing its prices drop from $19,450/oz to $19,050/oz. The metal is currently undergoing an ongoing 11 week decline from its all-time high prices. As of now, the metal is priced at a 25 week low.
The DOW Jones, NASDAQ 100 and S&P 500 have all seen recorded highs as bullish sentiment builds around Q2 results, which ultimately, have decreased demand for safe-haven investments such as Gold, Silver and Platinum.
The month of June propelled an immense jump in inflation rates worldwide. The UK’s yearly inflation rate rose to 2.5% in June, the US CPI recorded a 0.9% increase in June to total a worrying 5.4% increase in its yearly inflation rate. The US Fed's dovish stance on monetary policy is now believed to be undergoing re-evaluation. Markets, by indication of the US Fed Fund Futures, are estimating an 80% chance of 1 interest rate hike by the end of 2022.
Benefitting from this, and increased COVID cases worldwide has been the US Dollar. Since the start of June, the US Dollar Index has seen a substantial increase in its value amounting to 3.17%.